Starling Discussion & Feedback

I guess Starling make most from providing banking services to other firms, and I mean banking not business accounts

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Does Starling produce a publicly available annual report ?

Boden says that Starling is the more serious option of the two. “We’ve only been a bank,” she says, in reference to Monzo’s beginnings as a provider of pre-paid debit cards.

Half a million customers on a prepaid Beta tells me that a great deal of people aren’t really interested in whether something is technically a bank or not.

Being a bank isn’t end-game for us, being your financial control centre is. It’s just that that you need to be a bank to do it. So we did as much as we could without technically being a bank, and then we became a bank in order to continue to do so.

You don’t disrupt an industry by replicating the status quo, but in a new way. You do it by making the entire old system obsolete.

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Any company’s Annual Report was I thought obtainable from Companies House by download off their website along with notices of annual general meetings and other such notices

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Yeah…I don’t want you or starling or anyone to be my financial control centre thanks. I am my financial control centre. That phrasing scares me in a Facebook sort of way…

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From what I understand it’s a tool to give you (who is still very much in control!) visibility of your finances and provide features that enable painless control of savings, utilities, credit etc. Pretty sure the app isn’t going to start deciding to invest your money on its own without your knowledge :slight_smile:

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I understand that.

But my interest is me.

Monzo’s et al is them, then me.

Example.
Monzo’s offered me £25 to switch to Bulb
Me…used a link on forum and gave myself and another £50.

Starling offered me travel insurance higher than a comparison site.
Me…I used comparison site, saved money and got 241 movies for a year.

It’s fine that plenty of people in the forum are happy to lose money or take slightly worse deal because they are invested (financially or emotionally) but Reggular Joe wants the best deal, the Frist Direct Overdraft, the nationwide interest rate etc. and ultimately as I get older and earn more, the best deal will always win out.

But…maybe I’m different!

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Think the overall idea is you go and choose the product you want, marketplace or by searching and then they get added linked automagically into your monzo account.
You can control them just from Monzo even though they are with other providers

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I don’t know enough about open banking but…would this mean a non bank someone like compare the market or I suppose Emma could do the same and I could link my bank via them, and get the best deal everytime?

Honestly not sure. I’m guessing it’s possible and can’t see why not but someone who actually is better qualified needs to answer that.

Wouldn’t trust any of those comparison sites as they get paid to recommend

Possibly. But as far as I’m aware, CompareTheMarket, for example, doesn’t share the referral fee with you for Bulb for example. Instead what I do is I check Which’s ratings - and check the providers with an acceptable customer service track record - and go to the provider’s site to check for prices. Then sign up through the marketplace if they have that provider - otherwise, if not, I’ll go direct with the provider.

Also, Monzo’s end-game isn’t referral links - I think they intend to integrate the app with a number of providers, so they can actually predict bills, etc.

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I like Which!

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It is actually Which? (Which?®)

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Which is which? :thinking:

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For me both banks are very very similar, with the same sorts of issues currently… once things like 3D secure is sorted and merchants updating BIN ranges and other stuff like that then we will have two banks that will almost certainly be virtually identical from a consumer perspective… what will then set them apart is detail like app functionality and marketplace integration…

They both are

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Anyone from Monzo advise? I’m quite interested and I’m sure the number is easy to get a hold of…

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Question for the Starling Gurus amongst us (@anon44204028 @Demmedelusive). What does it mean to be a Guru? Do you have special insight / have a private forum /meet Starling folk? And how did you graduate to guru status?

(I would ask on the Starling forums being a customer and all, but I’m not keen on the sign up options at the moment!)

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I too hate the Starling forum sign up options!

Regardless of if we know any Starling staff or directors and go out to the pub with them that is not the sort of criteria they use to select Starling Gurus.

They look for levels of activity, depth and quality of contribution, courteous and constructive replies to users posts, that sort of thing. If you continue this for some time then they may approach you when there is an opening for a Starling Guru. Although they recently ramped up staff reading of and interaction with the community, so I do not anticipate any new Starling Guru appointments at the moment…though I could be proved wrong!

The Starling Gurus do not have any special insight, but we do have closed user threads where we can discuss issues in and seek further info or answers from Starling staff.

Maybe @Demmedelusive can correct me on some of this? He is not only a Starling Guru but also awarded the moniker “Wizard Graham” for his contribution to their community!

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That’s pretty much the ticket, @Peter_G. We were asked to take a watching brief over the forum (it’s much newer than Monzo’s of course). In practice, we don’t have an authority that appears to exist for the Monzo leaders and we don’t have any greater knowledge than the community. Not too sure, though, what weight they carry.

On occasion, one or more of us have dropped a note to the forum manager if it’s getting a bit tasty (Saturday night syndrome :flushed:).

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